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View Diary: Fed Court: Ministers now have to pay income tax on their "free housing" (323 comments)

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  •  It's only fair... (2+ / 0-)
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    Phoenix Rising, antirove
    Tax Status of Employer-Provided Lodging
    Like other fringe benefits, free or discounted employer-provided lodging is usually subject to income and other taxes. To determine the fair market value of the housing provided to an employee, an employer may check local newspaper listings for comparable rental properties or ask a local realtor for an estimate of the property’s rental value. The employer reports the net value of the employee’s lodging fringe benefit in Box 1 of the employee’s W-2 form, and the employee declares this value as income on Line 7 of IRS Form 1040. For example, if the employee pays the employer $300 a month for the housing and the property's fair market rental rate is $600 a month, the employer must add $300 a month to the taxable income it reports on the employee's W-2.
    I'm sorry it will effect the good preachers, but it's only fair and constitutional

    "Down with sodomy, up with teabagging!" Sign @ TeaBilly rally.

    by pitbullgirl65 on Fri Nov 22, 2013 at 07:11:07 PM PST

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